MIRA INFORM REPORT

Report No. :	351309
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	ADVANCE CHEMICAL INDUSTRIES LTD
Registered Office :	Novo Tower, 271, Tejgaon I/A, Dhaka-1208
Country :	Bangladesh
Financials (as on) :	31.12.2014
Date of Incorporation :	24.01.1973
Legal Form :	Public Listed Company.
Line of Business :	Manufacturer, Exporter, Importer and Distributor of Medicine, Livestock and Fisheries, Fertilizer, Seeds & Agro products, Consumer Items.
No. of Employees :	4560

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Bangladesh	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BANGLADESH - ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh's industrial sector, accounted for more than 80% of total exports and surpassed $18 billion in 2014. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis - which totaled $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh's current account surplus and rising foreign exchange holdings.

Source : CIA

IDENTIFICATION DETAILS
Correct company Name	:	ADVANCE CHEMICAL INDUSTRIES LTD
Name of Division	:	ACI Fertilizers
Head Office	:	Novo Tower, 271, Tejgaon I/A, Dhaka-1208, Bangladesh.
Tel No	:	88-02-9885694-8, 9556254, 9886029
Fax No	:	88-02-9884784, 9886029
E-mail	:	coo@aci-bd.com, arif@aci-bd.com
Website	:	www.aci-bd.com
Date/ Year of Incorporation	:	24.01.1973
Incorporation No.	:	C-3885
Legal Form (General)	:	Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify) ________________
Legal form (Specific)	:	LTD CORP INC CO others (please specify) ________________
Issuing Authority	:	Registrar of Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE)

FINANCIALS- SUMMARY
Year	Turnover/ Sales	Assets	Income/ (Loss)
31 December 2013	BDT 10,683,600,712	BDT 14,693,912,974	BDT 764,187,906
31 December 2014	BDT 12,318,723,190	BDT 15,526,192,783	BDT 950,713,609
Exchange Rate	USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286	CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	Ms. Sheema Abed Rahman
Designation	:	Company Secretary.
Contract No	:	N/A

Locations Details
Operating Address	:	Novo Tower, 271, Tejgaon I/A, Dhaka-1208, Bangladesh.
Tel No	:	88-02-9885694-8, 9556254, 9886029
Fax No	:	88-02-9884784, 9886029
E-mail	:	coo@aci-bd.com, arif@aci-bd.com
Website	:	www.aci-bd.com

Location :

: Owned

Ö

Rented

Leased

Area

5430

Sq. ft.

Type of Office :	: Commercial Office Bldg.		Semi-commercial office Bldg.
Retail shop		Industrial Park	Ö
Business Center		Home Office
Residential Bldg.

Factory-1:
Address	:	Pharmaceuticals Factory: Water Works Road, Godhnail, 7 New Hajigong Road, Narayanaganj-1400, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil
Factory-2:
Address	:	Formulation Factory: Gazipur Industrial Area, Gazipur, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Factory-3:
Address	:	Salt Factory: Rupgong, Narayangonj, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Ö

Rented

Leased

Area

120000

Sq. ft.

Corporate address:
Address	:	ACI Center, 245 Tejgaon I/A, Po Box 49, Dhaka- 1208, Bangladesh.
Tel No	:	88-02-8878603-10, 887862, 8878619
Fax No	:	Nil
Share Department:
Address	:	9, Motijheel C/A, Dhaka-1000, Bangladesh.
Tel No	:	88-02- 9556254
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	60	In Factory	:	4500
	In Branch:	:		Total	:	4560
Details:

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share
Mr. M Anis Ud Dowla	5267260
Mrs. Najma Dowla	798139
Mr. Dr. Arif Dowla	1039942
Ms. Shusmita Anis	289940
Ms. Sheema Abed Rahman	14256
Sponsors	12048813
Institutions	10530284
General Public	313955387

DIRECTORS
Name	Designation
Mr. M. Anis-Ud Dowla	Chairman
Mr. Arif Dowla	Managing Director
Mrs. Nazma Dowla	Director
Mr. Md. Fayekuzzaman	Director
Mr. Waliur Rahman Bhuiyan	Director
Ms. Susmita Anis	Director
Ms. Sheema Abed Rahman	Director
Mr. Abdul-Muyeed Chowdhury	Independent Director
Mr. Juned Ahmed Chowdhury	Independent Director
Mr. Golam Mainuddin	Independent Director

MANAGEMENT
Name	:	Ms. Sheema Abed Rahman
Job Description	:	Company Secretary.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Dr. F H Ansarey
Job Description	:	Executive Director (Agribusinesses)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Ariful Islam
Job Description	:	Senior Executive (Commercial)
Nationality	:	Bangladeshi.
Email address	:	arif@aci-bd.com
Other details	:	N/A

BUSINESS OPERATIONS
Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor	Ö
	Exporter	Ö	Importer	Ö	Services	Others

Range of Products:
Products	:	Medicine, Livestock and Fisheries, Fertilizer, Seeds & Agro products, Consumer Items.
Production Capacity	:	N/A
Last Year Production	:	N/A

Trading Terms:

Purchasing Terms:	L/C	Ö	Cash	Others
	Credit :		30 days	60 days	Ö	90 days	days

Selling Terms :	L/C		Cash	Ö	Others
	Credit :	Ö	30 days		60 days	90 days	days

DETAILED DATA
Trade Reference & Related Parties	:	Overseas Clients			:	N/A	Local Clients	:	N/A
		Overseas Suppliers			:	Rayonier	Local Suppliers	:	N/A
Trade Markets	:	Exports			:	Nepal, Bhutan, Vietnam, Kango, UAE, Dubai.
		Imports			:	China, Malaysia, Singapore, Pakistan, India, Germany, Italy, France.
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	Hoda Vasi Chowdhury & Co, Chartered Accountants
Operation Status			:	Active.
Member			:	Dhaka Chamber of Commerce & Industry.

CAPITAL STRUCTURE
Authorized Capital	:	BDT 5000,000,000
Paid-up Capital	:	BDT 3439440210	No. of Shares	:343944021	Share Value	:	BDT10.00Each
Main Assets	:	BDT 15,526,192,783

FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update financial figure to local registry office.
Balance Sheet :
	Currency	BDT
	Denomination	: 1
	Financial Year Ending	: 31 December 2014

Income Statement :
	Currency	:BDT
	Denomination	: 1
	Financial Year Ending	: 31 December 2014

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Sister Concerns	:	Tetly ACI (Bangladesh)Ltd Asian Consumer Care (Pvt) Limited
Subsidiary	:	ACI Salt Limited ACI Foods Limited ACI Motors Limited ACI Logistics Limited ACI Pure Flour Limited ACI Edible Oils Limited ACI HealthCare Limited ACI Consumer Electronics ACI Formulations Limited Apex Leathercraft Limited Flyban Insecticides Limited Premiaflex Plastics Limited ACI Agrochemicals Limited Asian Consumer Care (pvt) Ltd. Creative Communication Limited ACI Godrej Agrovet Private Limited
Name of The Group	:	ACI Group.

BANKING
Bank Name	:	Pubali Bank AB Bank Limited Bank Asia Limited NCC Bank Limited ONE Bank Limited Jamuna Bank Limited BRAC Bank Limited Bank Alfalah Limited Eastern Bank Limited The City Bank Limited Mercantile Bank Limited Standard Chartered Bank Dutch Bangla Bank Limited The Hongkong and Shanghai Banking Corporation Limited Commercial Bank of Ceylon Plc
ADVERSE DATA MONITORING
Dishonored Checks			:	No Record Found
Debt			:	No Record Found
Litigation			:	Clear
Performance Defaults			:	No Record Found
Adverse Local Media Coverage/ Adverse Filling History			:	No Record Found

SITE VISIT COMMENTARY

Our Representative Visited the subject company Head office which is situated at NOVO Tower, 271, Tejgaon I/A, Dhaka-1208, Bangladesh. It is situated at Industrial area.

GENERAL COMMENTS

The subject company is engaged in manufacturer, Exporter, Importer & Distributor. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.85

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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